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Follow the Paper Trail...Filing Chapter 13 Bankruptcy

The Chapter 13 Bankruptcy Process & You

If you are contemplating filing a Chapter 13 bankruptcy petition, you may not be familiar with what takes place during the filing process. At Chapter13.Me, we want to help you understand this process more by providing you with the appropriate information.

In addition, this section will introduce you to the keywords and procedures associated with filing Chapter 13 bankruptcy. For further assistance, just fill out our free bankruptcy case evaluation form or call 1 (888) 632-0504. Once we receive your information, we will connect you with a local Chapter 13 bankruptcy attorney as soon as possible.

So, take control of your bankruptcy filing by educating yourself. Happy paper trials to you!

What You Need to Know about the Chapter 13 Filing Process

Your bankruptcy paper trail begins when you file the petition in court. This is a good thing because now you get the benefit of the automatic stay, which will prohibit your creditors from contacting you during the proceedings and from pursuing claims against you. Now, that’s how you spell debt relief!

You will also receive a Notice of Commencement of Case within 15 days after the petition is filed. This Notice will also be sent to your creditors that are listed in the actual petition. The Notice will include the following information:

  • time of creditors meeting;
  • date of Creditors meeting;
  • deadlines for claims; and
  • any objections from your creditors.

Also, your Chapter 13 bankruptcy attorney should file your mandatory schedules with the petition. These schedules will contain the following information:

  • your debts;
  • your assets;
  • your income; and
  • your expenses.

If your back is against the wall and you are filing bankruptcy to stop a foreclosure or a repossession, the schedules can be filed separately so that the petition can be filed as soon as possible.

What is Your Chapter 13 Repayment Plan?

Your Chapter 13 bankruptcy repayment plan will be tailored to help you keep your property while setting up a schedule for you to pay your past due balances. Your repayment plan will typically be structured to run for 3-5 years. You will be required to keep all of your payments current, but you will be making regular payments toward your past due balances as well.

If you make all of your payments on time, your reward will be a discharge at the end of the repayment plan.

Examine the Chapter 13 Bankruptcy Filing Process with a Local Bankruptcy Lawyer

If you are of the opinion that you need more help in the bankruptcy paper chase game, we’ll be happy to assist you. All you need to do is take a few seconds to complete our free bankruptcy case evaluation form or call 1 (888) 632-0504, and we’ll connect you with a local Chapter 13 bankruptcy lawyer as soon as possible.

The above summary is not legal advice. Laws may have changed since our last update. For the latest information on bankruptcy laws, speak to a local bankruptcy lawyer in your state.